Greece has the most affordable housing in Europe.

Greece has the lowest house prices among 18 European countries, according to an international survey by the RE/MAX Europe network of real estate agencies.

In 2016, the average price for a 100-square-meter apartment in the city was 92,200 euros, or 922 euros per square meter, while outside the city the average price for a house of the same size was 67,000 euros (670 euros per square meter).

The price of urban housing continued to decline compared to 2015, when the average price was €940 per square meter, while the price of out-of-town housing increased from €650 per square meter in 2015. This increase reflects increased buyer interest in vacation homes last year.

This year, major agency network RE/MAX notes that expected''stabilization of the residential property market due to attractive sale prices, increased domestic demand and some signs of growth in the Greek economy. Also the intention of banks to grant mortgage loans under strict conditions could be a positive contribution.

According to the Hellenic Statistical Agency (ELSTAT), the number of residential real estate transactions in Greece rose by 25.2 percent in 2015, but details remain unknown as most transactions are cash-only.

Thanks to a significant 45 percent drop in Greek house prices since the end of 2008, Greece has the cheapest housing in Europe, according to the Bank of Greece.

The prices of real estate in Greece for use as holiday homes are particularly competitive compared to similar destinations: in Italy, the average price per 100-square-meter apartment in the city is 210,000 euros (120,000 euros for country houses), while in Spain the equivalent prices are 172,000 euros in cities and 117,000 euros for country houses. Consequently, they are about twice as expensive as Greek real estate, while the price trend in most European markets is upward.